Microsoft has apparently revealed at a developer event in India that it intends to produce a "low-cost version" of Windows Phone 7 primarily targeting emerging markets that would come after the initial volley of higher-end devices schedule to launch at the tail end of this year. Little else is known at this point, but Sudeep Bharati -- director of India's Visual Studio group -- has mentioned that it will have a smaller screen, suggesting that this might be one and the same as the HVGA spec Microsoft mentioned back at MIX a few weeks ago. He went on to say that they're currently in talks with manufacturers to get feedback on the lower-end version, so it sounds like this isn't quite solidified yet -- but considering that the first WinPho 7 devices promise to be pretty pricey, we wouldn't mind seeing these things materialize, "emerging market" or otherwise.